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Ho, William A. Harrison, page. 3 (WW006)
true for, Chapter 2 companies, and we, therefore, hold that the restriction
on the percentage of capital funds allocable to surplus in Article 2.17B of
the Texha Business Corporation Act is inconsistent with the provision of
the Texas Insurance Code regulating companies governed by Article2. 18
thereof, and, therefore, is not applicable to such companies,
SUMMARY
The Texas Business Corporanti Act supplements
t he provisions of the Texas Insurance Code dealing with
Chapter 2 companies, where not inconsistent therewith,
However, the restriction on the percentage of capital funds
allocable to surplus in Article 2.17P of the Texas Business
Corporation Act is inconsistent with the sections ot the
Insurance Code dealing with companies issuing no-par value
atock governed by 2,18 and, therefore, is not appilcable to
such companies.
Very truly yours,
WILL WILSON
Attorney General of Texas
Richard A, Well
RAssistant Attor ey Goner4l
RAW/pe
APPROVED:
OPINION COMMITTEE:
C. K. Richards, Chairman
Miltbn Richards on
Yohn Reeves
Houghton Brownlee
Cha5es Cabaniss
REVIEWED FOR THE ATTORNEY GENERAL
BY:
Leonard Passmore
'lri L
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49 MI